Question

What is the definition of opportunity cost? 1-4 which one is the correct answer

1. Opportunity cost refers to a NEGATIVE effect that a person could experience but gave up to take another course of action

2. Opportunity cost refer to a BENEFIT that a person could have received but gave up to take another course of action

3. Opportunity cost is a negative effect for a decision made

4. Opportunity cost is a benefit that a person received before taking another course of action

Answer 1

2. Opportunity cost refer to a BENEFIT that a person could have received but gave up to take another course of action

Step-by-step explanation:

op·por·tu·ni·ty cost

the loss of potential gain from other alternatives when one alternative is chosen.